原标题：As search traffic dries up, Reddit announces it’s shifting to a logged-in experience
Reddit 在 Q3 财报电话会上宣布将转向以登录为主的体验，以防止 AI 抓取数据并推动数据授权合作。10 月搜索引流量平均每周减少超过 100 万次，美国日活用户从 Q2 的 5320 万降至 5070 万，同比下滑 2%，全球日活为 1.303 亿基本持平；公司警告若趋势延续，下季度日活可能以低两位数百分比下滑。同期收入同比增长 53% 至 8.95 亿美元，净利润 2.83 亿美元。该转变将于 Q4 先在美国以外部分市场测试，保留匿名浏览和重建中的隐身模式，尚未给出全球上线时间表。
报道同时给出流量下滑数据与登录制策略，读者可以据此观察 AI 搜索如何改变开放网页的商业模式。
本页的摘要、推荐理由与解读出自 AIsa Studio 的 AI 风向智能体，原文版权归原作者所有。
Reddit 在周四的第三季度财报电话会上宣布，将把平台转型为以「登录体验」为主的模式。长期以来，Reddit 通过 Google 搜索吸引了数百万用户，不少人甚至会在搜索词后加上「Reddit」来获取更好的答案。但随着 AI 搜索兴起、搜索流量枯竭，Reddit 开始重新审视自己与开放互联网的关系。
这次转型的目的有二：一是保护数据不被 AI 爬取，转而与模型提供商签订有利可图的数据授权协议；二是在其最大市场美国日活跃用户下滑的背景下，仍能推动收入增长。
这一变化的背景是 AI 重塑了整个互联网的流量格局：AI 摘要直接给出答案、不再需要用户点击访问，Google 传统的「十条蓝色链接」相关性也在下降——这一趋势甚至已影响到 Google自身的营收。大多数网站和发布商都受到冲击。
登录用户会提供更多兴趣与行为信号，既能提升广告定向和个性化能力，也能支撑个性化信息流、社区推荐以及新推出的算法化「For You」信息流。因此这一转型可能进一步推高 Reddit 的变现数据。
但原文也指出，这一转变的规模之大，可能是开放互联网的「矿井里的金丝雀」。联合创始人兼 CEO Steve Huffman 在 Reddit 上发文称：「作为一个人生被开放互联网定义的人，这对我来说是巨大的改变。但我得出结论，这是我们平台和我们业务的正确决定。」公司也承认，仍有不少问题未解，尤其是登录与未登录体验之间的边界应如何划定。
对内容发布商和依赖搜索流量的网站而言，Reddit 的选择预示着「AI 中心化网络」冲击下的又一生存策略样本。对 Reddit 用户来说，未登录访问的前置页面仍被公司认为很重要，匿名浏览选项也会保留，但未来获取完整体验可能越来越需要登录。对广告主和 AI 数据授权的潜在买家而言，Reddit 的信号数据与授权业务价值可能进一步上升。
长期以来，Reddit 通过 Google 吸引了数百万用户访问其网站，许多人在搜索查询中甚至特意加上“Reddit”一词以获取更好的答案。但随着向 AI 驱动搜索的转变导致搜索流量枯竭，Reddit 正在重新思考其与开放互联网的关系。该公司在周四的第三季度财报电话会议上宣布，正转向主要以“登录体验”为主。
这一举措旨在保护其数据免受 AI 爬取，使公司能够转而与模型提供商达成利润丰厚的授权协议。但同样重要的是，这种转变有助于 Reddit 增加收入，尽管在其最大市场美国面临日活跃用户下降的压力。
总体而言，Reddit 全球日活跃用户在第三季度环比持平，达到 1.303 亿，而美国日活跃用户从第二季度的 5320 万降至第三季度的 5070 万，同比下降 2%。
**图片来源：**Reddit
并非只有 Reddit 看到此类下滑；如今，向以 AI 为中心的互联网的转变已影响大多数网站和出版商，导致点击率减少，因为 AI 摘要提供了无需访问网站即可获取的答案，而 Google 传统的“十个蓝色链接”相关性降低。（这一变化现在甚至影响了 Google 的底线，其财报显示。）
但在 Reddit 的规模下，与这种下滑相关的数字是巨大的。该公司表示，10 月份每周平均搜索流量推荐减少了超过 100 万次。它警告说，如果趋势持续，到下个季度日活跃用户可能会下降到个位数百分比的低端水平。（假设一下：10% 至 12% 的 hypothetical 下降可能将 Reddit 的日活跃用户从第三季度的 1.303 亿降至约 1.15 亿至 1.17 亿。这是一个巨大的跌幅！）
与此同时，尽管增长减弱，Reddit 在将其受众货币化方面变得显著更好。收入同比增长 53%，达到 8.95 亿美元，高于华尔街预期的约 8.75 亿美元。净利润增长 74%，达到 2.83 亿美元。广告收入增长 54%，达到 8.47 亿美元，而非广告收入（包括其 AI 数据授权业务）同比增长 35%，达到 4800 万美元。
尽管美国日活跃用户同比下降 2%，但 Reddit 在美国的每个日活跃用户平均收入增长了 53%，达到 13.82 美元。在全球范围内，每个日活跃用户平均收入同比增长 36%，达到 6.87 美元。
转向登录体验可能会进一步提高这些数字，因为登录用户对广告主来说通常价值更高。
与经常通过搜索找到该网站的未登录用户不同，登录用户提供更多关于其兴趣和行为的信息，这有助于更好地定位和个性化广告。
同样的信号也将帮助 Reddit 为其用户提供更个性化的体验，包括个性化信息流、推荐订阅的新社区，以及推动投票、评论、参与等。（这也包括推动推荐至其新推出的算法“为你推荐”信息流，昨天已宣布，该信息流将结合用户所属社区的帖子以及其他基于其兴趣的推荐。）
**图片来源：**Reddit
尽管如此，如此大规模的变革可能是开放互联网的煤矿金丝雀。
“我不知道你们的情况，但对于一个生活被开放互联网定义的人来说，这对我来说是一个巨大的变化，”Reddit 联合创始人兼 CEO Steve Huffman 在发布于 Reddit 网站上的帖子中写道。“但我得出结论，这对我们的平台和我们的业务来说都是正确的决定，”他说。
该公司指出，转向登录体验不会是一夜之间的变化；它将在第四季度先在非美国的选定市场进行测试。目前尚未公布何时向全球所有用户推出此变更的时间表。它还承认，访问未登录首页很重要。
此外，Reddit 指出，登录并不意味着必须放弃匿名性，也不会移除其通过正在重建的“隐身模式”体验进行匿名浏览的选项。
“仍然有许多问题没有得到解答，特别是关于登录体验和未登录体验之间的界限应该在哪里，”Huffman 写道。“这是 Reddit 的一次重大演变，我们对此并不轻率对待。但我相信这是该平台和我们未来的正确下一步。”
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Reddit has long attracted millions of users to its site through Google, with many even appending the word “Reddit” to their search queries for better answers. But as search traffic dries up amid the shift to AI-powered search, Reddit is rethinking its relationship with the open internet. In its third-quarter earnings call on Thursday, the company announced it’s transitioning to a primarily “logged-in experience.”
The move is designed to protect its data from AI scraping, allowing the company to instead forge lucrative licensing deals with model providers. But just as important, such a shift could help Reddit to increase its revenue even as it faces daily active user declines in its largest market, the U.S.
Overall, Reddit’s global daily active users were flat quarter-over-quarter in Q3, reaching 130.3 million, while U.S. daily active users dropped from 53.2 million in Q2 to 50.7 million in Q3 and were down 2% year-over-year.
**Image Credits:**Reddit
The company is not alone in seeing such declines; the shift to an AI-centered web has impacted most websites and publishers by now, leading to fewer click-throughs, as AI summaries provide answers that don’t require website visits and Google’s traditional “ten blue links” have reduced relevance. (The change is now even impacting Google’s bottom line, its earnings revealed.)
But at Reddit’s scale, the numbers associated with such a decline are enormous. The company said search traffic referrals dropped by more than 1 million referrals on average per week in October. It warned that if the trend continues, daily active users could decline to a low-double-digit percentage by next quarter. (To play that out: a hypothetical 10% to 12% decline could bring Reddit to roughly 115 million to 117 million daily actives, down from 130.3 million in Q3. That’s a huge drop!)
At the same time, Reddit has gotten significantly better at monetizing its audience even as its growth weakens. Revenue increased 53% year-over-year to $895 million, ahead of Wall Street’s expectations of about $875 million. Net income rose 74% to $283 million. Advertising revenue grew 54% to $847 million while nonadvertising revenue, which includes its AI data-licensing business, grew 35% year-over-year to $48 million.
And despite a 2% year-over-year decline in U.S. daily users, Reddit’s average revenue per daily active user in the U.S. rose 53% to $13.82. Globally, average revenue per daily active user increased 36% year-over-year to $6.87.
Shifting to a logged-in experience could boost those numbers even higher because logged-in users are typically worth more to advertisers.
Unlike the logged-out users who often find their way to the site via search, logged-in users provide more signals about their interests and behaviors, which helps to better target and personalize ads.
Those same signals would also help Reddit provide a more personalized experience to its users, which includes personalized feeds, recommendations of new communities to subscribe to, and pushes to vote, comment, participate, and more. (This also includes pushing recommendations to its new algorithmic “For You” feed, announced yesterday, which will combine posts from communities users belong to alongside other recommendations based on their interests.)
**Image Credits:**Reddit
Still, a change of this magnitude could be the canary in the coal mine for the open web.
“I don’t know about you, but as someone whose life has been defined by the open internet, it’s a big change for me,” wrote Reddit co-founder and CEO Steve Huffman in a post published on Reddit’s site. “But I’ve come to the conclusion that this is the right decision for our platform and the right decision for our business,” he said.
The company notes that the shift to the logged-in experience will not be an overnight change; it will first run tests in select markets outside the U.S. in the fourth quarter. It doesn’t yet have a timeline for when the change will be rolled out to all its users worldwide. It also acknowledged that access to a logged-out front page is important.
Plus, Reddit pointed out that being logged in doesn’t mean having to give up anonymity, nor will it remove its option to browse anonymously through its “incognito mode” experience, which is being rebuilt.
“There are still plenty of questions that are unanswered, particularly around where the boundaries should be between logged-in and logged-out experiences,” Hoffman wrote. “This is a big evolution for Reddit, and not one we’re taking lightly. But I believe it’s the right next step for the platform and for our future.”
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Reddit 在 2026 年 Q3 财报电话会上宣布将转向以登录为主的体验，目的是防止 AI 抓取数据并推动数据授权合作。财报显示，10 月来自搜索的引流量平均每周减少超过 100 万次，美国日活用户从 Q2 的 5320 万降至 5070 万，同比下滑 2%，全球日活 1.303 亿基本持平；公司警告若趋势延续，下季度日活可能以低两位数百分比下滑。同期收入同比增长 53% 至 8.95 亿美元，净利润 2.83 亿美元。尽管业绩强劲，财报后 Reddit 股价下跌超 25%。CEO Steve Huffman 在跟进报道中称，10 月每周有超过 100 万次来自 Google 搜索的跳转流失，并称 AI Overviews 和 AI Mode 不带来流量，这是 Google 运作方式的结构性转变；Reddit 表示平台需求未变，但 Google 不再导流，与 AI 厂商的数据授权谈判仍在进行。关于该转变的落地安排：将于 Q4 先在美国以外部分市场测试，保留匿名浏览和重建中的隐身模式，尚未给出全球上线时间表。
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